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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Forms Bullish Symmetrical Triangle, Crypto Analyst Says Next Stop Is $100,000

Scott Matherson
Scott Matherson
9 months ago
3 mins read
Would Bitcoin Reclaim $70,000 Soon? Key Data Suggests New Investors Hold the Key

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The Bitcoin price movements have recently formed a bullish symmetrical triangle pattern, a technical indicator that often precedes significant upward momentum. This pattern formation has come amidst a back and forth between $93,477 and $85,970 after the Bitcoin price reached an all-time high of $93,477 on November 14.

The observation of this bullish symmetrical triangle was highlighted on the social media platform X by the crypto analyst known as Stockmoney Lizards, who is also credited with developing the Satoshimeter indicator.

Symmetrical Triangle Points To A Bitcoin Price Breakout

A symmetrical triangle is formed when a descending resistance line and an ascending support line converge, indicating a period of consolidation. As the price approaches the apex of this formation, it typically breaks out in the direction of the prevailing trend. 

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In the case of Bitcoin, the Bitcoin price action on the daily candlestick timeframe has been one of a series of lower highs and higher lows for about the past week. This formation has led to the Bitcoin price trading in an increasingly tightening range, which is ultimately going to breakout in either direction. 

For Bitcoin, the existing uptrend suggests a potential breakout above the upper trendline of the symmetrical triangle, which is just below $91,000. To confirm such a breakout, analysts look for a spike in trading volume and at least two consecutive closes beyond the trendline.

Commenting on this setup, the Stockmoney Lizards stated, “The current setup suggests a potential breakout to the next level. All eyes are on 100k. This is when retail investors will crush the candy store and the real fun will start.” 

Such a breakout, if confirmed, could lead Bitcoin to establish new highs above the six-digit threshold of $100,000, which in turn would trigger a wave of inflows into other cryptocurrencies.

Next Bitcoin Price Target: $100,000

The psychological milestone of $100,000 has been a focal point for Bitcoin enthusiasts and analysts since the beginning of this bull cycle. Notably, the calls for a $100,000 price target have been even more pronounced since the Bitcoin price broke above its March high of $73,737 earlier this month. 

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At the time of writing, Bitcoin is trading at $91,770, having reached an intraday high of $92,653 in the past 24 hours. This means it has effectively broken out of the symmetrical triangle since Stockmoney Lizards’ technical analysis. Interestingly, the analyst highlighted this breakout in an update to his analysis.

Now that the breakout of the symmertical triangle has been effectively confirmed, it remains to be seen whether the Bitcoin price can reach the coveted $100,000 price mark before the end of November. All indicators point to go, with the demand for Bitcoin currently far outpacing the supply.

Bitcoin price chart from Tradingview.com
BTC price jumps toward $93,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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